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The Young and the Restless will be on the air to celebrate its 40th anniversary -- and possibly many more to come. The top-rated soap recently received a three-year renewal.

Good news, Y&R fans: The Young and the Restless will remain on the air for at least three more years. CBS has renewed the top-rated daytime drama series through the 2013-2014 season.

"Hey Young & the Restless fans," CBS posted to its official Twitter account. "TV's #1 daytime drama has been renewed for three more years!"

News of the renewal doesn't come as too much of a surprise, especially since Y&R has ranked as the number one soap since 1988. However, fans still jittery over the cancellation of two CBS soaps in the past two years should now be able to rest a little easier.

"The Young and the Restless has been the #1 daytime drama on television for more than two decades, as well as an enduring symbol of CBS's success in the daypart," Barbara Bloom, Senior Vice President, Daytime, CBS, said in a statement. "Our audience's beloved characters in Genoa City will continue to flourish under the leadership of Head Writer and Executive Producer Maria Bell and the wonderful storytelling ahead."

According to Deadline Hollywood, the pickup is a "straightforward one," meaning that the show should not have to dramatically slash its budget as it had been required to do for its last renewal in August 2009.

Fans may remember that the previous budget trimming resulted in salary disputes and the walkout of three of the show's biggest stars -- Melody Thomas Scott (Nikki Newman), Jess Walton (Jill Abbott), and Eric Braeden (Victor Newman). Though the three stars eventually did accept the mandated pay cuts, the show's unwillingness to budge during contract talks showed that executives were serious about cutting the show's operating budget.